I Will SELL My Car To Buy This HOUSE!

By
Mortgage and Lending with Fairway Independent Mortgage NMLS #196099

I will sell my car to buy this house states one first time buyer in Virginia.Wow what an unexpected statement in the days of instant gratification and where cars seem to cost as much as houses.

 

The first time buyer was trying to figure out how to come up with a down payment for his FHA Loan Purchase. Initially, he was going to use the first time buyer program in Virginia, which allows buyers with a 620 credit score to finance the FHA down payment with a small second mortgage.

After closer review of ther numbers the first time buyer would not qualify for FHA Plus but he could still buy the home with a regular FHA loan which has less restrictive debt to income ratios than the first time buyer program in Virginia.

After a few suggestions about ways to come up with a downpayment the buyer states as a matter of fact that he will sell his car at the auction to make up the difference for his downpayment. For  this buyer homeownership matters more than a toy (his extra car). 

Along with selling your car, here are some more creative ways to fund your FHA loan down payment:

  • Gift from family or long time friend
  • Employer contribution program
  • Borrow from your 401 (K) or Thrift Savings Plan
  • Use funds from your IRA
  • Get a part-tine job
  • Use your tax refund (if applicable)
  • Sale unused items at auctions, etc.

Houses do appreciate cars don't! SELL YOUR CAR AND BUY A HOME TODAY

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Topic:
Home Buying
Location:
Virginia
Groups:
VIRGINIA
Local Expert
Responsible Mortgage Lenders
Women And Their Business Hear The Roar
31 Days of May Challenge 2011
Tags:
fha loans
vhda loans
fha plus
first time buyer loans in virginia
downpayment assistance in virginia

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Rainmaker
1,004,473
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Markita:  You've given first-time buyers some very good ideas on how to get themselves into their first home.  Especially in the Northern Virginia/Woodbridge market area, where values are stable, and have been increasing... doing whatever you need to do to get into a home... is a great idea.  Good post.

May 28, 2011 02:14 PM #1
Rainmaker
144,754
Markita Woods NMLS#196099
Fairway Independent Mortgage - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

Thanks Karen the market here in Virgina has been "heating up" so buyers definitely creative ways to get in while the getting is good!

May 28, 2011 02:17 PM #2
Rainmaker
1,234,213
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Markita:  I'm applauding this young buyer's open-mindedness .. and his sincerity regarding buying his first home.  I doubt with his making this initial sacrifice, that we will see him be anything but an outstanding owner and mortgage holder.  He gets it ...

Gene

May 29, 2011 11:00 AM #3
Rainmaker
144,754
Markita Woods NMLS#196099
Fairway Independent Mortgage - Woodbridge, VA
Queen of Mortgages - FHA, VA, Conventional, USDA

My thoughts exactly, Gene. He get's it

May 29, 2011 12:16 PM #4
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Rainmaker
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Markita Woods NMLS#196099

Queen of Mortgages - FHA, VA, Conventional, USDA
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